I think this one will last longer; will be more like the early ’90′s, or longer than that (91-93, if I remember right). It’s kind of reminiscent of that, with a bit of the ’70′s stagflation thrown in for good measure. In the ’90′s we had a R.E. bust, S&L crisis, spiking oil and increased unemployment+McJobs. This time, the credit crunch is bigger, the R.E. bust is bigger, and oil has spiked up more. Jobs are just beginning to decline, so I think we have at least another 2 years to go. Personally, I don’t think we’ll see 2005 prices in R.E. for years; 2012-2014 at the earliest. We won’t see new stock market highs until 2011 at the earliest. And unemployment won’t reach 1999 highs until the Boomers retire. Hate to be so negative, but that’s what I see.

How long do you think this recession will last? The last one started in 2001 and lasted until 2004, or is it 2005, would you say?

But that’s a fringe benefit.

Anyway, no one calls recessions until it’s over. I doubt this one will be different. It’s never different. But clearly we’re in one, and it’ll probably last a bit longer than the last.

Man, I can’t imagine what it would be like to be living in a house you must leave because you can’t make the mortgage payment. Gak. Usually your home is the refuge to which you repair after a tough day dealing with the world.

Thanks for the good words, Mr. Gordon! For those who are newcomers to the wacky world of real estate, Hank Paulson is Secretary of the U.S. Treasury.

Among other things, on Feb. 14 Paulson stoutly maintained that there is no recession. I love this comment someone left on a New York Times blog: they said the current administration looks “like deer in the headlights” and the administration’s response to the housing/credit crisis is “worse than Katrina.” Check it out at http://theboard.blogs.nytimes.com/2008/03/06/the-housing-market-how-low-will-it-go/

And now, the question of the hour: Would you rather be a dishwasher or the current U.S. Secretary of the Treasury?

There are stories of people being able to stay in their homes more than 6 months and notices not even being mailed out to them. So, maybe up to a year. I don’t have data on that though, but have read several anecdotal reports.

I am encouraging a friend to do this very thing right now in Sacramento. She feels bad, but it’s not about feelings. It’s about making the best personal business decision. Feel sorry for the banks? Get serious.

Janis, I love this line!

“Let’s say the clue bat has just descended upside your head”